Gasoline Prices Hit 3-Month Low, Fall Below $3.50 in 13 States

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Monday’s national average price for a gallon of gas fell to $3.614, down from $3.617 on Sunday and $3.655 a week ago. The 4-cent drop pushed prices to their lowest point since April and marks the 17th consecutive day that prices have moved lower. A year ago the national average price for a gallon of gas was $3.60, according to AAA, which announced these prices earlier today.

The state with the lowest price is South Carolina, where a gallon of gas cost $3.337 today. Other states with gasoline prices below $3.50 a gallon include Alabama, Arkansas, Iowa, Kansas, Louisiana, Missouri, Mississippi, Ohio, Oklahoma, Tennessee, Texas, and Virginia.

Hawaii has the highest price, $4.34 a gallon, followed by Alaska at $4.195, and California at $4.101. Those are the only three states where a gallon of regular gasoline costs more than $4.

Prices should continue to slip lower as gasoline supplies remain high and crude oil prices continue to inch down. There has been little appetite for oil or gasoline futures for some months now, and the current trend toward lower prices now may be working in favor of pushing near-term prices down below already low futures prices. Barring any major shock to supply such as a major storm in the Gulf of Mexico or new violence and disruption in the Middle East, gasoline prices may be on a slide that will continue for through the summer.

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